3rd Apr 2014 11:29
LONDON (Alliance News) - Nostra Terra Oil and Gas Company PLC said Thursday that the Gant 1-22H Well on its Chisholm Trail Prospect in Oklahoma is now spud and is being drilled.
Nostra Terra's current drilling plan is for a total depth of 11,750 feet with a true vertical depth at approximately 7,150 feet and a lateral of approximately 4,000 feet in length in the Hunton Limestone formation. Nostra has a 20% interest in the well, which is operated by Ward Petroleum.
Also on the same prospect, hydraulic fracturing operations have been completed on the Bugg 1-25H well, and it is now producing. Nostra Terra has a 3.55% interest in this well, which is being operated by Payne Exploration. It said that it will announce production rates on the well once it has stabilised.
Finally, hydraulic fracturing operations on the Curly 1-26H well at Chisholm are underway. Nostra has a 11.63% interest in the well, which is operated by Husky Ventures.
"We're very happy to see the progress on the three wells highlighted, especially the Curly and Gant where our working interest could have a significant impact on our production and cash flow in the near future," said Chief Executive Matt Lofgran in a statement.
Nostra Terra shares were trading 2.75% higher at 0.262 pence per share Thursday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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